[Amended 11-17-2003 by Ord. No. 13-2003; 1-13-2016 by Ord. No. 1-2016]
A. 
For each plan year, the employer shall make a contribution or contributions to the pension fund in an amount equal to 8.6% of each eligible participant’s compensation for the plan year.
B. 
For an eligible participant whose entry date is after January 1 of any year, the employer will make a contribution or contributions to the pension fund in an amount equal to 8.6% of the participant’s compensation for the portion of the plan year from the participant’s entry date through the last day of the plan year.
C. 
The contribution shall be reduced by any amounts forfeited pursuant to § 60-81 and may be made from the general tax revenues of the municipality, or any state aid received pursuant to the provisions of the Act, or gifts or donations of any kind.
Participants may have contributed to the plan prior to the restatement date and to that extent a portion of the account of each such participant shall continue to be attributed to such employee contributions. Participants shall be entitled to make voluntary employee contributions to this plan, and such voluntary contributions shall be credited to the employee's account under the plan.
[Amended 6-19-2006 by Ord. No. 12-2006]
A. 
Notwithstanding anything contained herein to the contrary, the annual addition to a participant's account for any plan year shall not exceed the lesser of the annual amount determined pursuant to Code § 415(c)(1)(A), $44,000 as of the effective date of this amendment, for a plan year or 100% of the participant's compensation for the plan year.
(1) 
"Annual addition" shall mean, for purposes of this § 60-79, the sum of employee contributions and forfeitures. For purposes of this § 60-79, employee contribution are determined without regard to any rollover contributions (as defined in Code §§ 402(e), 403(a)(4), 403(b)(8), 408(d)(3) and 457(e)(16) without regard to employee contributions to a simplified employee pension which are excludible from gross income under § 408(k)(6).
(2) 
For purposes of applying the limitations of this § 60-79, all defined contribution plans of the employer (whether or not terminated) shall be treated as one defined contribution plan, and all defined benefit plans of the employer (whether or not terminated) shall be treated as one defined benefit plan.
B. 
If the limitations contained in this § 60-79 are exceeded for a plan year, then the annual addition under this plan shall be reduced first by limiting or refunding employee contributions together with earnings thereon, then by limiting or refunding employee contributions to any other plan maintained by the employer, then by allocating excess employer contributions to a suspense account and treated as forfeitures pursuant to § 60-81 herein.
At no time shall it be possible for the plan assets to be used for, or diverted to, any purpose other than for the exclusive benefit of the participants and their beneficiaries, except that contributions made by the employer may be returned to the employer if:
A. 
The contribution was made due to a mistake of fact and the contribution is returned within one year of the mistaken payment of the contribution; or
B. 
The plan is terminated, as provided in Article XXIV.
Any forfeitures arising from the operation of the plan shall be considered a credit to the employer and shall be used as a suspense account to offset future employer contributions under the plan.